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11/13/20
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MC Investment Partners LLC acquired an 87-unit multifamily property in the Bay Area city of San Leandro for $22.8 mil, or $262k/unit. The property, located at 2199 Bancroft Ave, was sold by Pierron Properties LLC.
Built in 1965, 2199 Bancroft Apartments is an 84.4k sf property with a diverse unit mix of one- to four-bedroom unit types. Sixty three percent of the total units contain two or more bedrooms. The previous owner completed some renovation work on 15 units, allowing the buyer the opportunity to upgrade and add value to the 72 remaining units on the property.
The apartments are situated on 1.86 acres of immaculately maintained property including beautifully landscaped grounds, serene private courtyard with meandering walkways, an indoor swimming pool and community recreation room. Conveniently located in the East Bay, 2199 Bancroft Apartments is within minutes of downtown San Leandro and 1.5 miles away from the nearest BART station, connecting residents with the surrounding Bay Area, retail and employment opportunities.
Rich Martini with Colliers International represented Pierron Properties in the transaction. This sale was the first time the property traded hands since it was built.
“Demand for apartment buildings with higher than normal levels of vacancy has increased significantly since the implementation of statewide rent control and just cause eviction by virtue of the passage of Assembly Bill 1482,” noted Martini. “The buyer was very much in favor of the higher than normal levels of in place vacancy and occupancy when the property closed escrow.”
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